Palm Beach Capital has held an above target close of its sixth private equity fund, Palm Beach Capital Fund VI LP, with more than $350 million of capital exceeding its target of $275 million.
Fund VI’s limited partners include financial institutions, insurance companies, pension funds, foundations, endowments, consultants, funds of funds, and institutional family offices.
Palm Beach Capital’s general partners and professionals are significant personal investors in Fund VI and remain, collectively, one of the largest investors across all active PBC funds. Other investors in Fund VI include several portfolio company founders and management team members.
“We are excited and humbled by the overwhelming support of our existing long-time investors, and we are also thrilled to welcome several new institutional investors,” said Shaun McGruder, a co-founder and managing partner at PBC. “We’ve always viewed our deep relationships with our investors as true partnerships and a competitive advantage in the lower middle market. This was demonstrated by our ability to raise our largest fund since inception despite a very challenging broader fundraising market.”
Palm Beach Capital makes control and non-control investments in United States-based companies with enterprise values from $20 million to $300 million that have at least $20 million of revenue and a minimum EBITDA of $5 million. Most of the platform companies targeted by the firm have annual EBITDA between $10 and $30 million. Sectors of interest include business services, business process outsourcing, transportation and logistics, infrastructure and healthcare. PBC was founded in 2001 and is headquartered in West Palm Beach, Florida.
“We are very proud of the relationships we have cultivated across the entire middle market ecosystem since our founding in 2001,” said Juan Tagle, the director of fundraising and business development at PBC. “In today’s environment, both investors and business owners truly appreciate the importance of genuine relationships, collaboration, and trust.”
New York City-headquartered Snowbridge Securities was engaged as the placement agent for this fundraise and Greenberg Traurig provided legal services.
© 2024 Private Equity Professional | May 9, 2024
